Basketball Gear Market Size, Share, Growth Analysis, By Product(Basketballs, Hoops & Backboards, Accessories), By Distribution Channel(Online and Offline), By Region - Industry Forecast 2024-2031

Global Basketball Gear Market size was valued at USD 803 million in 2021 and is poised to grow from USD 838.33 million in 2022 to USD 1183.1 million by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

The National Basketball Association (NBA), growing interest in basketball, increased disposable income, and growing fitness consciousness are the key drivers of the market's expansion. The rise in prices of equipment for making raw material for basketball equipment may limit the market's expansion. However, it is anticipated that investments in basketball leagues would generate profitable chances for the market's expansion. Many countries that already organize competitive basketball leagues and competitions will help meet market demand.

Large athletic goods companies including Dick's athletic Goods, Under Armour, Adidas, and Nike did well in 2021. Every month in 2021 compared to 2020, U.S. athletic goods retailers reported higher revenue. Despite this expansion, industry competition is still fierce, which makes it difficult for specialized shops to compete on both price and convenience with such broad product selections. Online buying has become more popular as a result of shifting consumer habits that occurred both before and during the COVID-19 a pandemic

Due to the growing influence of the internet and media in promoting health and fitness, there has been a significant increase in the demand for sports over the past few years in many different regions. This has resulted in an increase in basketball competitions around the world and a corresponding rise in the sale of basketball gear.

Growing interest amongst youngsters and teenagers supports the market for basketball gear. Growing consumer spending power, which is anticipated to boost the business, also affects demand for basketball equipment. International basketball organizations including NBA and FBA, however, have specific standards for the selection of basketball equipment, with which most manufacturers may not be in compliance. Therefore, it resulted in a decline in sales of crucial segments, including basketball, hoops, and backboards, which is a significant factor that is projected to challenge the global market.

The market includes both domestic and international companies competing for market share. To attract the largest potential consumers, major market players focus on tactics such as increasing distribution channels, entering department and discount stores, updating retail with new product updates, and collaborating with celebrities. For instance, JD Sports Group simply acquired Deporvillage, S.L., an online-only supplier of outdoor sporting goods, in June 2021. The founders of Deporvillage, S.LXavier Pladellorens and angel Corcuera, will keep 0% of the stock in this purchase, which should have the solid acquire about 80% of it.